Currently, EUR/GBP is trading at 0.8518, down -0.28% on the day, having posted a daily high at 0.8558 and low at 0.8510.
EUR/GBP is consolidated on the 0.85 handle on a quiet start to the week. The European session was slightly risk on benefiting the pound to a degree while the dollar was somewhat soft leading to the cross to be defined to a narrow range.
The euro was slightly bid on the back of the weekend politics and Greek debt rearing its ugly head again as a concern for investors, although the euro's funding status trade was short-lived and also remains in narrow range.
Data wise, the pound is wearing some recent disappointments in the economy in respect to Brexit concerns slowing up retails sales with the headline gauge contracting 0.2%m/m versus an expected expansion of 0.7%. In addition, the previous month’s reading was downwardly revised to -2.2% from -2% initially estimated.
EUR/GBP's corrective rebound has reached cloud resistance, noted analysts at Commerbank, adding, "EUR/GBP is bouncing from the 200 day ma at 0.8465, the bounce should start to struggle at current levels, however at this point we are unable to rule out a return to the 0.8671/77 top of the cloud. Only above .8677 would allow for another run up to key resistance offered by Fibo resistance and the recent high at 0.8852/53. We assume that .8852/53 is a short term top for the market."
- R3 0.8571
- R2 0.8565
- R1 0.8557
- PP 0.8550
- S1 0.8543
- S2 0.8536
- S3 0.8529
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